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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: PaulM who wrote (33522)	5/9/1999 4:01:00 AM
From: Bexar	Read Replies (1) \| Respond to of 116762

Maybe I've totally lost it, but ... Would it be possible that the buyers of the U.K. gold have already shorted it and now are covering. Is this possible? Sure would be an easy way to cover at a deflated price. Also, am I crazy or didn't gold's monthly & weekly chart look good just before the announcement? Doesn't it still look good considering? Looking at the monthly chart I still see a buy (as of 5/9/99). Weekly only looks like a glitch to me??? I can't make heads or tails of daily! Something doesn't smell right!?! Here is something old, but interesting: Three central banks hoard gold in case of euro disaster By Toby Helm, EU Correspondent, in Brussels telegraph.co.uk:80/et?ac=000626415357098&rtmo=auaBaTKJ&atmo=99999999&pg=/et/98/1/23/weuro23.html

To: PaulM who wrote (33522)	5/9/1999 6:42:00 AM
From: Elsewhere	Respond to of 116762

City Comment: Gold for sale Electronic Telegraph ISSUE 1443, Saturday 8 May 1999 THE new Labour government thought that gold was a barbarous relic. An up-to-date, trend-setting country could manage without it. So the Bank of England was told to start selling the gold in its vaults at $35 an ounce, the price at which the Banque de France was buying it. Which of them was right became clear when the price went to $350 and then to $850. That was Harold Wilson's first government and now today's New Labour government is at it again. It has ordered a clearance sale in Threadneedle Street and will not be content until more than half of the gold that is still there has gone. By signalling its punches to the market, it makes sure of getting the worst price. This is what Gordon Brown would call transparency. At the end of a century of inflation, finance ministers of his stamp still shun gold and would rather have each others' promises to pay. Gold's value does not depend on anybody's promise and that makes an anomaly in their eyes and a challenge to their own authority. They have already stamped out competition among the currencies of Europe. The Chancellor wants us to come into this monopoly and use its Monopoly money, as the up-to-date, trend-following thing to do. His clearance sale will clear the way for it. As for the Prime Minister, he may well believe that gold is "history", his term for everything that happened before New Labour was invented. Gold has a long history and ministers' promises a rather shorter one, but long enough to teach us which of the two to trust. telegraph.co.uk:80/et?ac=000626415357098&rtmo=VZVxxkFx&atmo=99999999&pg=/et/99/5/8/cncom08.html

To: PaulM who wrote (33522)	5/9/1999 7:04:00 AM
From: Bobby Yellin	Respond to of 116762

Incredible research Paul..thanks..hope some lurker reporter might do some investigative journalism after reading what you wrote

To: PaulM who wrote (33522)	5/9/1999 8:03:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116762

<<(Take a second look at Ted Butler's numerous articles at Kitco arguing metal loans can never be repaid with metal). >> I've always wanted a comprehensive audit of a true & open god market. At the very least public stores, There were some indications CNBC that during the "world economic crisis" of last year at one point loans had been made from funds with-in a given brokerage house. The way I'm reading it, there is not much "solid gold" around If we audited the electronic gold + paper gold against bullion around 50-70% might be "missing" or "in-transit" thus not able to be counted. I am betting that silver will fall apart this week. Question I've never gotten answered, is "When(at what point) is forward sold gold from mines or repaid from loans added to inventory. I suspect forward sold gold for delivery in next 2 - 96 months is added to inventory as soon as it is sold. Meaning gold certificates from the Swiss might be "just paper". Meaning perhaps most of the real gold around the world now exists as only teeth, jewerly, and coins in the hands ofthe people. Stuff like E'Gold may be part of the problem vs the answer. Much harder to audit files that solid bars.

To: PaulM who wrote (33522)	5/9/1999 8:58:00 AM
From: Gord Bolton	Read Replies (1) \| Respond to of 116762

Excellent work PaulM. A lot of those thoughts crossed my mind. You seem to have found the references that would back up an alternate motivation for the surface story about BoE gold sales. Kind of an Alice in Wonderland world. Here are some really great questions for some cheeky English reporter. "Are you now selling the half which is left or the half which is already gone?" "If it doesn't leave the vault, is it still really there?" "How many times can the same gold be sold?" "How many times can the same gold be leased at the same time?" "What happens when leased gold cannot be "returned" by the leasee?" Perhaps they could make it a Monty Python Gold Speacial. "One day son, all of this will be yours." "Whot, the curtains?"